Exelixis Inc. (EXEL) shares were up 1.71%, or 46 cents, to $27.37 in morning trading Wednesday, Aug. 16 on news that better positions the company's kidney cancer drug Cabometyx in the market.
Topline results released Tuesday from Bristol-Myers Squibb Co. (BMY) shows that the combination of two Bristol-Myers drugs, Opdivo and Yervoy, failed to show a statistically significant improvement over Pfizer's (PFE) Sutent in intermediate- and poor-risk kidney cancer patients. That's good news for Exelixis because previously released results already showed improvement from use of Cabometyx over Sutent in an identical sample of kidney cancer patients.
Bristol-Myers is down 0.8%, or 47 cents, to $57.40.
Third-quarter GAAP net income was $175 million, or $0.54 per share. Last year's third-quarter GAAP net income was $124 million, or $0.38 per share.
Mike McMullen, Agilent CEO, attributed the performance to "strength across all our business groups" but noted an assist from new products. "We launched several new products that raise the bar on new capabilities for our customers. We also closed the acquisition of Cobalt Light Systems, enhancing our customer value proposition and providing us with immediate entry into the attractive, fast-growing Raman pectroscopy market."
Agilent, spun off from Hewlitt-Packard in 1999, provides analytical instruments, software, services and consumables for laboratories.